Genco Shipping & Trading (GNK) NewsBite - GNK Downgraded By Oppenheimer

Posted: Tuesday, January 27, 2009 1:21 PM EDT

Genco Shipping & Trading (GNK) was downgraded today by analysts at Oppenheimer and the stock is now at $15.43, up $.12 (0.78%) on volume of 1,931,754 shares traded. The brokerage downgraded the stock to "Perform" from "Outperform." Over the last 52 weeks the stock has ranged from a low of $6.43 to a high of $84.51. Genco Shipping & Trading stock has been showing support around $14.12 and resistance in the $16.60 range. Technical indicators for the stock are bullish and S&P does not currently have a STARS rating for GNK. If you are looking for a hedged play on GNK the stock seems like it could be a candidate for a March out-of-the-money bear-call credit spread above the 20 range. [ABR-Seven Summits Strategic Investments NewsBite]

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